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Side-by-side financial comparison of NCR Atleos Corp (NATL) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
NCR Atleos Corp is the larger business by last-quarter revenue ($1.2B vs $788.1M, roughly 1.5× Zscaler, Inc.). NCR Atleos Corp runs the higher net margin — 7.2% vs -1.5%, a 8.7% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs 4.0%). Zscaler, Inc. produced more free cash flow last quarter ($431.0M vs $194.0M). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% CAGR vs 4.9%).
NCR Voyix Corporation, previously known as NCR Corporation and National Cash Register, is a global software, consulting and technology company providing several professional services and electronic products. It manufactured self-service kiosks, point-of-sale terminals, automated teller machines, check processing systems, and barcode scanners.
Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
NATL vs ZS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $788.1M |
| Net Profit | $83.0M | $-11.6M |
| Gross Margin | — | 76.6% |
| Operating Margin | 13.5% | -4.6% |
| Net Margin | 7.2% | -1.5% |
| Revenue YoY | 4.0% | 25.5% |
| Net Profit YoY | 102.4% | 3.6% |
| EPS (diluted) | $1.09 | $-0.07 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.2B | $788.1M | ||
| Q3 25 | $1.1B | $719.2M | ||
| Q2 25 | $1.1B | $678.0M | ||
| Q1 25 | $979.0M | $647.9M | ||
| Q4 24 | $1.1B | $628.0M | ||
| Q3 24 | $1.1B | $592.9M | ||
| Q2 24 | $1.1B | $553.2M | ||
| Q1 24 | $1.0B | $525.0M |
| Q4 25 | $83.0M | $-11.6M | ||
| Q3 25 | $26.0M | $-17.6M | ||
| Q2 25 | $39.0M | $-4.1M | ||
| Q1 25 | $14.0M | $-7.7M | ||
| Q4 24 | $41.0M | $-12.1M | ||
| Q3 24 | $21.0M | $-14.9M | ||
| Q2 24 | $27.0M | $19.1M | ||
| Q1 24 | $-9.0M | $-28.5M |
| Q4 25 | — | 76.6% | ||
| Q3 25 | — | 76.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 77.5% | ||
| Q3 24 | — | 78.0% | ||
| Q2 24 | — | 78.6% | ||
| Q1 24 | — | 77.7% |
| Q4 25 | 13.5% | -4.6% | ||
| Q3 25 | 9.8% | -4.5% | ||
| Q2 25 | 10.8% | -3.7% | ||
| Q1 25 | 9.5% | -6.2% | ||
| Q4 24 | 13.4% | -4.9% | ||
| Q3 24 | 10.6% | -4.5% | ||
| Q2 24 | 9.8% | -0.5% | ||
| Q1 24 | 6.5% | -8.7% |
| Q4 25 | 7.2% | -1.5% | ||
| Q3 25 | 2.3% | -2.4% | ||
| Q2 25 | 3.5% | -0.6% | ||
| Q1 25 | 1.4% | -1.2% | ||
| Q4 24 | 3.7% | -1.9% | ||
| Q3 24 | 2.0% | -2.5% | ||
| Q2 24 | 2.5% | 3.5% | ||
| Q1 24 | -0.9% | -5.4% |
| Q4 25 | $1.09 | $-0.07 | ||
| Q3 25 | $0.34 | $-0.11 | ||
| Q2 25 | $0.52 | $-0.03 | ||
| Q1 25 | $0.19 | $-0.05 | ||
| Q4 24 | $0.56 | $-0.08 | ||
| Q3 24 | $0.28 | $-0.09 | ||
| Q2 24 | $0.37 | $0.12 | ||
| Q1 24 | $-0.13 | $-0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $456.0M | $1.3B |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $403.0M | $2.0B |
| Total Assets | $5.7B | $6.5B |
| Debt / EquityLower = less leverage | 6.63× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $456.0M | $1.3B | ||
| Q3 25 | $412.0M | $2.4B | ||
| Q2 25 | $357.0M | $2.0B | ||
| Q1 25 | $352.0M | $1.8B | ||
| Q4 24 | $419.0M | $1.6B | ||
| Q3 24 | $395.0M | $1.4B | ||
| Q2 24 | $374.0M | $1.3B | ||
| Q1 24 | $343.0M | $1.4B |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $2.8B | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $2.9B | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $403.0M | $2.0B | ||
| Q3 25 | $330.0M | $1.8B | ||
| Q2 25 | $350.0M | $1.8B | ||
| Q1 25 | $275.0M | $1.6B | ||
| Q4 24 | $219.0M | $1.4B | ||
| Q3 24 | $264.0M | $1.3B | ||
| Q2 24 | $250.0M | $1.1B | ||
| Q1 24 | $283.0M | $958.9M |
| Q4 25 | $5.7B | $6.5B | ||
| Q3 25 | $5.7B | $6.4B | ||
| Q2 25 | $5.8B | $5.3B | ||
| Q1 25 | $5.7B | $5.0B | ||
| Q4 24 | $5.5B | $4.7B | ||
| Q3 24 | $5.7B | $4.7B | ||
| Q2 24 | $5.8B | $4.2B | ||
| Q1 24 | $5.8B | $3.9B |
| Q4 25 | 6.63× | — | ||
| Q3 25 | 8.45× | — | ||
| Q2 25 | 8.05× | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | 13.05× | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 1.19× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $231.0M | $448.3M |
| Free Cash FlowOCF − Capex | $194.0M | $431.0M |
| FCF MarginFCF / Revenue | 16.8% | 54.7% |
| Capex IntensityCapex / Revenue | 3.2% | 2.2% |
| Cash ConversionOCF / Net Profit | 2.78× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $231.0M | $448.3M | ||
| Q3 25 | $25.0M | $250.6M | ||
| Q2 25 | $-23.0M | $211.1M | ||
| Q1 25 | $123.0M | $179.4M | ||
| Q4 24 | $80.0M | $331.3M | ||
| Q3 24 | $107.0M | $203.6M | ||
| Q2 24 | $9.0M | $173.4M | ||
| Q1 24 | $148.0M | $142.1M |
| Q4 25 | $194.0M | $431.0M | ||
| Q3 25 | $-5.0M | $190.6M | ||
| Q2 25 | $-44.0M | $138.9M | ||
| Q1 25 | $94.0M | $164.4M | ||
| Q4 24 | $62.0M | $314.3M | ||
| Q3 24 | $85.0M | $154.2M | ||
| Q2 24 | $-14.0M | $137.8M | ||
| Q1 24 | $124.0M | $111.2M |
| Q4 25 | 16.8% | 54.7% | ||
| Q3 25 | -0.4% | 26.5% | ||
| Q2 25 | -4.0% | 20.5% | ||
| Q1 25 | 9.6% | 25.4% | ||
| Q4 24 | 5.6% | 50.1% | ||
| Q3 24 | 7.9% | 26.0% | ||
| Q2 24 | -1.3% | 24.9% | ||
| Q1 24 | 11.9% | 21.2% |
| Q4 25 | 3.2% | 2.2% | ||
| Q3 25 | 2.7% | 8.3% | ||
| Q2 25 | 1.9% | 10.6% | ||
| Q1 25 | 3.0% | 2.3% | ||
| Q4 24 | 1.6% | 2.7% | ||
| Q3 24 | 2.1% | 8.3% | ||
| Q2 24 | 2.1% | 6.4% | ||
| Q1 24 | 2.3% | 5.9% |
| Q4 25 | 2.78× | — | ||
| Q3 25 | 0.96× | — | ||
| Q2 25 | -0.59× | — | ||
| Q1 25 | 8.79× | — | ||
| Q4 24 | 1.95× | — | ||
| Q3 24 | 5.10× | — | ||
| Q2 24 | 0.33× | 9.07× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NATL
| Services | $848.0M | 74% |
| APJ | $136.0M | 12% |
| Americas Excluding United States | $135.0M | 12% |
| TT | $44.0M | 4% |
ZS
Segment breakdown not available.
